Update of Musical Chairs: UBS Hires MLP Banker Rob Pierce

For those of you who don’t care about the ongoing theater of bankers moving from bank to bank, go ahead and skip this post.  Back in September of last year, UBS’s Houston investment banking office was gutted when Stephen Trauber left the firm to join Citi (see here for details of that move in a Wall Street Journal article), for a reported $30mm deal.  Today, almost a full year later, they have made their first big Houston hire in the firm’s effort to rebuild its brand, hiring Rob Pierce from Barclays.

Press release, from Thursday, August 25th:

Today, UBS announced the appointment of Robert Pierce as a Managing Director and Americas Head of Midstream and MLP Investment Banking. Reporting to Tom Langford, Rob will join the firm in November and will be based in our Houston office.

Rob joins UBS from Barclays Capital where he was a Managing Director, focused on the Midstream and MLP space within the Global Natural Resources group. Rob originally joined the New York-based Lehman Brothers Global Natural Resources group in 1998, before moving to Houston in 2004. Prior to his move into investment banking, Rob spent five years as an attorney, focusing on the Energy sector.

The MLP is a significant cross-divisional product for UBS, reaching both our IBD and Wealth Management businesses. Rob’s experience and relationships in the Midstream and MLP space, combined with his extensive knowledge of the Global Energy sector, will be critical to the continued rebuilding of our Global Energy franchise.  (Bloomberg)

Rob was my boss at Lehman Brothers when I worked on the $WPZ and $BWP IPOs.  His legal background really set him apart from other bankers in the MLP space, which is very nuanced in terms of structuring and taxes.  It will be interesting to see how his biggest clients react to the move.  I’m sure $WMB / $WPZ and $EPD, Rob’s biggest clients historically, will follow him to UBS.  Maybe he’ll even bring a few bankers with him, that will play out in the coming months after bonus season, I’m sure.

Rob is simultaneously really really smart and not socially awkward, a rare combination for an investment banker.  He’ll need the full repertoire of skills to rebuild the UBS office.

Category MLP Market Post